Once a government is formed, regardless of which party is in charge, the first task will be to renegotiate the terms of Greece's bailout program. That will be difficult, to say the least, and could take weeks if not months to accomplish.

In other words, the outlook for Greece is highly uncertain and the nation's political and economic crisis is far from over.

Forming a government: The first challenge will be for Greek politicians to come together and form a government, something they failed to do last month under very similar circumstances.

New Democracy, one of the political parties that signed off on Greece's bailout program in March, won 129 seats in the Greek parliament.

But it fell short of claiming a majority in Greece's 300-seat Parliament. That means New Democracy will need to join forces with at least one other party to form a viable government.

The most likely candidate is the socialist Pasok party, which came in third on Sunday, with 33 seats in parliament. Together, New Democracy and Pasok would have a majority. The coalition could be strengthened if another party, Democratic Left, agrees to join.

However, analysts say Pasok party leader Evangelos Venizelos wants the far-left Syriza party to be included in any governing coalition.

Syriza, which has threatened to renege on the terms of the bailout, came in second in the election, with 71 seats in parliament.

The concern is that Pasok will refuse to join forces with New Democracy if Syriza is not included.

Starting Monday, New Democracy has three days to form a government. If it fails, Syriza will be given the same three-day deadline. If Syriza fails, Pasok will be next in line.

In the event that no government is formed, Greece could hold a third election. But analysts say there is no political appetite in Greece for a third election, suggesting the parties have a strong incentive to cooperate.

Bailout renegotiation: Any government that comes to power is expected to immediately begin renegotiating the terms of the nation's bailout program with its international creditors.